Increasing demand for testing new drugs and chemicals and vigorous growth in the pharmaceutical and biopharmaceutical sectors are expected to drive the market growth. However, the bioanalysis and drug metabolism and pharmacokinetics (DMPK) studies segment is projected to exhibit the highest CAGR of 8.96% from 2019 to 2024. New technological developments by various companies to provide better services to pharmaceutical companies is driving the growth of the segment.
The Global Preclinical CRO Market is estimated to be valued at USD 5,234.7 Million by 2024 and is expected to register a CAGR of 8.14% during the forecast period. Americas accounted for the largest market share of 40.7% in 2018, and the regional market is projected to register a CAGR of 7.49% during the forecast period. Asia-Pacific is expected to register the fastest CAGR. The Indian market is projected to exhibit the highest growth rate of 9.44% during the forecast period of 2019 to 2024.
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The global preclinical CRO market has been segmented on the basis of services, therapeutic area, end user and region. On the basis of service, the market has been divided into the toxicology testing, bioanalysis & bioanalysis, and drug metabolism and pharmacokinetics (DMPK) studies and others. The toxicology segment held the majority market share in 2018. However, bioanalysis & bioanalysis and drug metabolism and pharmacokinetics (DMPK) studies are expected to be the fastest-growing owing to the new technological developments by various companies to provide better services to pharmaceutical companies.
Market Research Future (MRFR) recognizes IQVIA (US), PAREXEL International Corporation (US), Envigo (US), Charles River (US), Eurofins Scientific (Luxembourg), ICON PLC (Dublin), PRA Health Sciences (US), Medpace (US), Laboratory Corporation of America Holdings (US), Pharmaceutical Product Development, LLC (US), WuXi AppTec (China), MD Biosciences (US) as the key players in the global preclinical CRO market.
Geographically, the global preclinical CRO market has been segmented into North America, Europe, Asia-Pacific, and the Middle East & Africa. As per MRFR analysis, the Americas was the largest market for the preclinical CRO in 2018 and is expected to remain dominant during the review period. Europe accounted for a significant market share and is projected to be the second-largest market during the forecast period. The increasing outsourcing activities in Europe are driving the growth of the preclinical CRO market in the region. Germany accounted for the largest market share of 24.7% in 2018, and the country-level market is projected to register a CAGR of 6.69% during the forecast period.
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